Arkansas § 14-57-601 - Definitions.

§ 14-57-601. Definitions.

As used in this subchapter, unless the context otherwise requires: “Municipality” means an incorporated town or a city of the first or second class; “Net revenues” means that part of the revenue derived by a municipality from the operation of parking meters which remains each year after paying all costs of operation and maintenance for that year, making adequate provisions for depreciation and obsolescence, and providing for the payments due that year on any indebtedness of the municipality arising from the purchase or installation, or both, of the parking meters and payable out of the revenues from the meters; and “Legislative body” means the council of any municipality, or the city commission if the municipality has a commission form of government.